CHICAGO REAL ESTATE STATS PACK - MAY 20, 2007
Good Morning, Everyone!
Here are some key Chicago Real Estate Stats to ponder, on this chilly Monday Morning in Chicago - May 21st, 2007!
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
ACTV LISTINGS JUST SOLD CLOSED EXPIRED
w/e May 20th 1,632 95 111 47
w/e May 13th 1,450 85 93 35
% CHANGE +12.6% +11.8% +19.4% +34.3%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e May 20th $349,248 125 DAYS $38,766,619
w/e May 13th $322,163 129 DAYS $29,961,210
CHANGE +8.4% -3.1% +29.4%
OBSERVATIONS
Average Market Time shows a declining trend, indicating properties priced right are selling a bit quicker. Total inventory increasing, but demand picking up as well, as the Spring Market continues. Condo Market still very price sensitive, however, especially in the middle price ranges for resales. For new construction and just-rehabbed condos, promotional incentives abound for reducing inventory. I still see free vacations, discounted parking, a full year of paid assessments, and more, to entice city condo buyers. Increases in Expired Listings indicate seller's "testing the waters" with a too-high price are having their listings fall off the market, unsold.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates for the w/e May 20th were virtually unchanged from the previous week - 6.15%. One year ago, the Average 30-Year Fixed Rate was 6.58%. First Quarter, 2007 data from the National Association of Realtors, just released last week, indicate sales of existing homes dropped 6.6% from year-ago levels, to a seasonally-adjusted annual rate of 6.41 million units. However, existing home sales were up 2.4% from Fourth Quarter, 2006 levels. For further details, view our Real Estate Update newsletter, updated daily. Also, visit our National Real Estate News link, via our Webcenter - dean-team.com.
Please post, call, or send us an email if you'd like to further discuss current trends in the Chicago Real Estate Market, or customize our data to match your specific needs. We're always here for you!
Dean Moss
Fearless Leader, Dean's Team . . . serving CHICAGO, All Chicago Suburbs . . . and YOU!
